Published on 22/05/2020 11:11:32 AM | Source: ICICI Direct

Buy Tata Communications Ltd For Target Rs. 535 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Telecom Sector #Tata Communication Ltd #Trading Report #ICICI Direct

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Technical Observations

* The stock has registered a resolute breakout above the rounding pattern signalling continuation of the positive momentum thus offers fresh entry opportunity.

• The share price in the process has also moved above the 52 weeks EMA currently placed at Rs. 409 levels signalling strength and continuation of the up move

* It has immediate support at Rs. 450- 440 levels being the 50%% retracement of the current up move (Rs. 400-488) and the neckline of the recent rounding breakout area placed at Rs. 450

* Among oscillators, the weekly MACD is in up trend and is seen diverging from its nine periods average thus supports the positive bias in the stock

* Based on the above technical observations we expect the stock to continue with its positive momentum and head towards Rs. 535 levels being the 138.2% retracement of the recent decline (Rs.495-400)

Buy Tata Communications Ltd @470.00-480.00 Target 535.00 SL 440.00


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